It takes a few steps to unravel the intricacies involved in the
practice of international taxation, so much so that many tax consultants
are averse to look into this particular field. Not only is the part
related to taxation difficult to understand with the changing policies
of various governments, there are limitations imposed in tax slabs,
investments, purchases and other markets in different countries.
To become a successful international tax consultant, it would be
necessary to go through all the rules related to international taxation
policies, which becomes quite difficult for any kind of tax consultant,
be it a law graduate or chartered accountant. But, those who are
practising this kind of taxation are not only experts in business
financial services, but have the policies well known across different
financial tools. This kind of taxation is a highly specialised field,
due to which the number of consultants is quite less. Hence, when
practising the international taxation, people will tend to go with the
best in the field as they are completely concentrated in this particular
field, as happens with other fields like medical science or education.
While dealing with international tax, a consultant will have to go
through a variety of features. International tax policies as well as the
rules laid down by the country of residence regarding investments and
taxation are to be understood. One has to go through tax credit, foreign
company rules, hindrances posed by double taxation, domestic taxation
and above all, the tax policies for companies as well as individuals.
These are some of the basic structural diktats that are to be known to
practice international taxation. Complicated issues can be known along
the line of practice, or when such individual cases are being handled.
Most of the clients will seek advice on business financial services
because international tax rules are required by those, who have
sufficient business interest in foreign countries. Some individual
clients can also be found who like to park their funds in foreign
shores. There are many countries, who want to have foreign investments
to stabilise their economy and there are such matters, where
international tax consultant can be of huge help. Nowadays, with foreign
policies and open market being introduced in lots of countries,
international taxation has become complicated. It is better to transact
on a global basis, across geographical boundaries, if the consultation
back up in proper and there are expert tax consultants to be on the
advisory list.
